ZURICH (Reuters) – Swiss pharma group Novartis said on Monday it was selling its blood transfusion diagnostics unit to Spain’s Grifols for $ 1.675 billion.

“The sale of the Novartis blood transfusion diagnostics unit enables us to focus more sharply on our strategic businesses while providing Grifols with a platform for global expansion,” Joseph Jimenez, chief executive of Novartis, said in a statement.

The transaction requires customary regulatory approvals and is expected to be completed in the first half of 2014, Novartis said.